Cornish Metals Releases Unaudited Financial Statements and Management’s Discussion and Analysis for the Six Months Ended 30 June 2025

Core Viewpoint - Cornish Metals Inc. has made significant progress in advancing its South Crofty tin project, highlighted by a £57.4 million fundraise and various operational developments aimed at de-risking the project and moving towards production [3][4][5]. Financial Highlights - Total operating expenses for the six months ended June 30, 2025, were CAD 7,618,614, an increase from CAD 4,561,792 in the same period of 2024 [23]. - The loss for the period was CAD 6,331,711, compared to CAD 4,126,256 in the previous year [23]. - Cash at the end of the period increased to CAD 73,777,481 from CAD 6,048,987 in June 2024, primarily due to the proceeds from the fundraise [23]. Strategic Investment and Fundraise - The fundraise of £57.4 million was anchored by National Wealth Fund Limited and Vision Blue Resources Limited, contributing £28.6 million and £18.1 million, respectively [2][4]. - The fundraise is expected to provide financial runway through to the end of Q1 2026, facilitating further de-risking of the South Crofty project [5]. Grant Funding Investment - The Bartles Foundry project received grant funding of up to £4.2 million from the Cornwall and Isles of Scilly Good Growth Programme, covering approximately 62% of the total project cost estimated at £6.8 million [5]. Key Long-Lead Item Orders - Orders have been placed with Qualter Hall for the design and manufacture of production and service winders for the South Crofty project [9]. Mine Dewatering and Shaft Refurbishment - Mine dewatering has resumed near full capacity, and refurbishment of the New Cook's Kitchen shaft is progressing well, with completion expected by mid-2026 [10][12]. Surface Works at South Crofty - The first major phase of surface redevelopment began in early July 2025, including refurbishment of the Mine Dry building and demolition of old structures [13]. Senior Management Appointments - The company appointed Dave Howe as General Manager and Guillermo Alcazar as Project Director to strengthen its project and operations teams [14][16]. Sustainability Initiatives - Cornish Metals published its inaugural sustainability report for 2024, receiving an overall sustainability rating of "A" from Digbee, marking a significant step in formalizing its sustainability approach [21][22]. Land Acquisition - The company purchased a 4.5-acre land parcel from Cornwall Council, increasing its total land area at South Crofty to approximately 32.5 acres [17]. Outlook - The company aims to complete dewatering of the South Crofty mine, advance detailed engineering, and arrange project financing as it progresses towards production [24].